BUSINESS Taiwan banks report profit decline


Taiwan banks report profit decline


22:56, May 06, 2020


Photo taken on June 20, 2019 shows the night view of Taipei, southeast China's Taiwan. (File photo: Xinhua)

TAIPEI, May 6 (Xinhua) -- Banks in Taiwan reported a year-on-year profit reduction of 44 percent in March and 16.9 percent in the first quarter, the biggest ever, according to the island's financial regulatory agency.

Banks across the island gained a profit of 18.2 billion new Taiwan dollars (about 607 million U.S. dollars) in March and 80.95 billion new Taiwan dollars in the first quarter, the agency said in a press release.

While the banks' headquarters and branches inside Taiwan reported a profit reduction of 19.7 percent year on year in the first quarter, their branches on the mainland saw a profit growth of 12.2 percent, the statement said.

It attributed the significant reduction to the COVID-19 pandemic that caused turbulence in international financial markets.

Meanwhile, the interest rate cuts in Taiwan also caused profit losses for banks, the agency said. 

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue